At 08:18 PM 7/9/2003 +0300, Danny Van den Berghe wrote:
I see what you mean but the problem if you don't know their names is that this trustworthy management X can at any moment decide to sell its entire 90% stake to untrustworthy management Y, and you won't even know about it.
This is a tough one. I will say this, though. It might be very unwise for a company like TGC to publish the names and locations of their insiders and to state their asset, liability, income, and expense figures publicly. That sounds like an invitation for trouble. They are, after all, a dreaded CASINO dealing in fearsome trans-national DIGITAL GOLD, and there might even be some AMERICANS playing there. If you wanted to design something to inflict maximum hissy-fits on control freaks with too much starch in their collars, this would be nearly ideal.
I have no objection as long as it is considered a kind of lottery ticket, but because on the DBourse site they quite clearly suggest that this is how stock markets should be run, than I say oh oh, wait a minute...
In a technical sense I think many of us can agree that this is how a stock market should be run. A very well designed interface matches bid and ask and that's that. But obviously your objections go beyond that. You want to see:
1. Names and addresses of principal management and owners. 2. Detailed and audited financial reports.
So for example, if Goldmoney were to do an IPO, we would already know about James Turk and the whole governance structure. But it sounds like many would also insist on public detailed financial reports showing exact net profits and the like, perhaps audited by Deloitte and Touche.
Sorry, but if you asked TGC for this kind of information, I think they would politely decline. That is what we call an "impasse."
There are two groups of people here. Those who will trust some of their money to an entity with a well established reputation and good indications of success but no public list of principal management and no public financial reports, and those who will not.
And some people focus too much on Enron , Worldcom,... when you talk about stock markets. Don't forget that 1000 nds of stocks are trading without problems and big scandals
Thousands of those stocks also pay no dividends whatsoever, trade at high multiples of earnings (if any), and are diluted from time to time. But they do satisfy (1) and (2) above, which might be somewhat reassuring I suppose.
Frankly, I would be curious to know TGC's net profits last quarter, and might even be curious to know for example that TGC is 90% owned by Joe d'Estonia and Katherine d'Malaysia. But I'm even more curious to see what the dividend will be next July. That is, after all, the bottom line.
-- Patrick
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